ITAT Cochin allows Section 80P Deduction to Primary Agricultural Credit Coop Society

Mundur Service Co-op. Bank Ltd. Vs ITO (ITAT Cochin) ITAT Cochin: Deduction u/s 80P Allowed to Primary Agricultural Credit Cooperative Society – Supreme Court’s Mavilayi Ruling Applied Cochin   Tribunal allowed the appeal of a cooperative society by directing AO to grant deduction u/s 80P, holding that sub-section (4) had no application to a Primary Agricultural Credit Cooperative Society not holding a banking licence. Assessee, a cooperative society registered under the Kerala Cooperative Societies Act, 1969, engaged in accepting deposits from members & providing credit facilities...